每经记者｜黄辛旭 每经编辑｜余婷婷 8月29日，第二十八届成都国际汽车展览会（以下简称成都车展）正式启幕。 作为下半年国内首场A级车展，成都车展被视为车市"风向标"，不少主机厂都拿出了今年的重磅车型，开启下半年的冲刺。 其中，"智驾"是本届成都车展的一大亮点，不少主机厂都带来了今年上半年发布的全新一代智驾系统。比如，亮相本届成都车展的比 亚迪诸多车型都搭载"天神之眼"智驾系统，而奇瑞车型则搭载"猎鹰智驾"系统、吉利车型则搭载"千里浩瀚"智驾系统……经过上半年 全新的智驾系统推出和产品导入，"智驾下沉"这一特征在本届成都车展更为明显。 视觉中国图 有业内观点认为，成都所在的中西部市场，与15万至20万元主流汽车价格区间有着较高重叠度，随着智驾技术下放到中端车型，或将 进一步拉动中西部市场的消费力。 "成都及整个成渝地区双城经济圈，是中国汽车消费最活跃的区域之一。2024年四川汽车制造业增长9.5%，私家车拥有量超1441万辆， 全年增加78万辆。更重要的是，西部市场的消费潜力还在释放——随着城镇化推进、家庭第二辆车需求增长，这里将成为未来5年车市 增长的核心区域。"汉诺威米兰展览会（中国）有限公司董事总经理刘国 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 150 RMB [7][4]. Core Views - The company reported a revenue of 25.73 billion RMB in 2024, representing a year-over-year increase of 22.4%. The gross margin improved to 29.4%, and the net profit attributable to shareholders surged by 498% to 3.32 billion RMB [1][2]. - The automotive business is expected to surpass the mobile phone segment in revenue by 2025, driven by the growth of automotive CIS (Camera Image Sensor) due to advancements in intelligent driving technology [1][3]. - The company is also optimistic about growth in other new product categories such as action cameras and medical devices [1][3]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 25.73 billion RMB, with the image sensor solutions contributing 19.19 billion RMB, accounting for 74.8% of total revenue. The automotive CIS segment generated 5.91 billion RMB, reflecting a 30% year-over-year growth [2]. - For Q1 2025, the company reported a revenue of 6.47 billion RMB, a 14.7% increase year-over-year, with a gross margin of 31% [1][3]. Growth Drivers - The automotive CIS business is projected to maintain rapid growth, potentially exceeding mobile CIS revenue due to the increasing adoption of intelligent driving technologies [3]. - The company is also focusing on expanding its product lines in touch control and display solutions, with expectations of reaching breakeven in 2025 and improving profitability in 2026 [3]. Valuation and Forecast - The company’s net profit forecasts for 2025, 2026, and 2027 are 4.57 billion RMB, 5.47 billion RMB, and 6.68 billion RMB, respectively, reflecting a positive growth trajectory [4][6]. - The target price of 150 RMB is based on a 40x PE ratio for 2025, which is lower than the median of comparable companies at 53.6x [4][6].